Mining stoppage adds to Eramet's New Caledonia woes [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
NASDAQ:AMEX Investor Relations:
eramet.com/en/investors
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Source: Yahoo! Finance
SLN is part of a struggling New Caledonian nickel industry that the French government is trying to salvage with a proposed rescue package. Mining production at SLN was 1.0 million wet metric tons in the first quarter, down 32% from the same period last year, as issues over mining permits weighed on output. SLN's mining activities have now been suspended in the northern province of France's South Pacific territory since mid-April, with an administrative process under way to resume operations, Eramet said in a first-quarter sales statement. "SLN continues to face major challenges and its financial situation remains critical," Eramet said. SLN has been in dispute with the authorities of the northern province over the renewal of financial guarantees for the mines, with a one-year extension proposed by Eramet rejected as too short. In contrast, Eramet is continuing to expand production at its Weda Bay nickel mine in Indonesia, operated in partnership with China's Tsingshan group
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